Data analytics firm Quantexa has entered the unicorn club, reaching a valuation of $1.8bn (£1.5bn) after securing $129m (£103.9m) in Series E funding.
Quantexa’s funding round was led by GIC, with additional capital coming from Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO, and AlbionVC.
Several of its backers, including HSBC and BNY Mellon, are also customers of Quantexa. The London headquartered company has developed AI tools to detect and spot fraud and money laundering, along with enterprise intelligence software to assist with business decision-making.
The company was previously valued between $800m and $900m in a $153m Series D round in 2021. Passing the $1bn valuation milestone comes amid a funding crunch for many tech companies, in which some have reckoned with reduced valuations, also known as downrounds.
This, in turn, has led to a slide in the number of new unicorn companies from the highs of 2021, when a record 29 companies reached $1bn valuations.
“In a challenging market we have doubled our ARR, our user base, and continue to penetrate new markets and industries,” said Vishal Marria, CEO of Quantexa.
“This infusion of capital will fuel further innovation, diversification, and expansion, and opens exciting options for our future.”
Quantexa’s latest funding round follows its acquisition of the Dublin-based AI company Aylien in February.
The firm employs over 600 staff from its global offices, which include locations such as Brussels, Singapore and the UAE. The company has also been expanding its customer base internationally and is now active in 70 countries.
Quantexa said it will use the capital to develop new tools for its “Decision Intelligence Platform”.